Bank of America (NYSE:BAC) Price Target Cut to $45.00 by Analysts at Royal Bank of Canada

Bank of America (NYSE:BAC) had its price objective lowered by stock analysts at Royal Bank of Canada from $50.00 to $45.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has an “outperform” rating on the financial services provider’s stock. Royal Bank of Canada’s price objective points to a potential upside of 18.81% from the stock’s current price.

Other equities research analysts have also recently issued reports about the stock. Piper Sandler decreased their price objective on shares of Bank of America from $45.00 to $42.00 and set a “neutral” rating for the company in a report on Wednesday. Morgan Stanley increased their price objective on Bank of America from $54.00 to $56.00 and gave the company an “equal weight” rating in a report on Friday, January 17th. Keefe, Bruyette & Woods lowered their price target on Bank of America from $55.00 to $52.00 and set an “outperform” rating on the stock in a report on Wednesday. Cfra Research lifted their price target on shares of Bank of America to $47.00 and gave the company a “buy” rating in a research report on Wednesday. Finally, JPMorgan Chase & Co. lowered their target price on shares of Bank of America from $49.50 to $43.50 and set an “overweight” rating on the stock in a research note on Thursday, April 3rd. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, sixteen have given a buy rating and three have assigned a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $47.20.

Bank of America Stock Down 0.3 %

Shares of Bank of America stock traded down $0.11 on Wednesday, hitting $37.88. 15,177,997 shares of the company traded hands, compared to its average volume of 39,303,266. Bank of America has a 12-month low of $33.07 and a 12-month high of $48.08. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. The company has a market cap of $287.96 billion, a PE ratio of 11.75, a PEG ratio of 1.21 and a beta of 1.24. The company has a 50-day moving average price of $41.85 and a 200 day moving average price of $43.66.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, topping analysts’ consensus estimates of $0.80 by $0.10. The firm had revenue of $27.37 billion for the quarter, compared to the consensus estimate of $26.83 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. Sell-side analysts predict that Bank of America will post 3.7 earnings per share for the current year.

Institutional Trading of Bank of America

Hedge funds and other institutional investors have recently made changes to their positions in the business. Collier Financial bought a new stake in shares of Bank of America during the fourth quarter worth $25,000. Life Planning Partners Inc grew its holdings in Bank of America by 3,883.2% during the fourth quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 545,936 shares during the period. Graney & King LLC acquired a new position in shares of Bank of America in the 4th quarter valued at $25,000. Fairway Wealth LLC bought a new stake in shares of Bank of America in the 4th quarter valued at $29,000. Finally, Vega Investment Solutions acquired a new stake in Bank of America during the 4th quarter worth $30,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

About Bank of America

Bank of America Corporation, through its subsidiaries, provides banking and financial products and services for individual consumers, small and middle-market businesses, institutional investors, large corporations, and governments worldwide. It operates in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.